i'm jean ann fox, director of services for consumer federation of america. we enthusiastically support senate bill 1799, the fair overdraft coverage act and we also commend you for the proposal to create a consumer financial protection agency what happened not only implement the fair overdraft coverage act but also enforce the law. thank you for doing that. in dockett after dockett the federal reserve has failed to protect consumers from abusive overdraft lending. the rule that was announced last week will be a help but is not sufficient to protect consumers. along with a recently announced changes in big bank overdraft programs, the rules are too little too late to provide the reforms that american consumers need and want. banks extend credit when they pay a deposit to extend a consumer's checking account. banks permit this transaction to go through, loan the banks money and then the largest banks charge a typical $35 fee for the extension of that credit. these loans are not thorlsed by consumers. no consumers ops in on typically overdrafts that are provide